Robinhood Ditches Proprietary Token for Ethereum-Powered Blockchain

Robinhood's foray into blockchain technology has garnered significant attention in recent weeks. The company's new Robinhood Chain, which went live on July 1, operates as an Ethereum Layer-2 network built on Arbitrum infrastructure.

The notable aspect of this development is that it uses ETH exclusively as its native gas token for transaction fees. This architectural decision effectively closes the door on a proprietary Robinhood token, at least for now.

This approach mirrors what several other Ethereum L2 networks have done, such as Base, Coinbase's own Layer-2. These networks also run on ETH rather than issuing a native coin.